医药生物行业 10% 医药生物 沪深300 标配（维持） 医药生物行业双周报（2026/2/13-2026/2/26） 静待板块回暖 -35% -30% -25% -20% -15% -35% -30% -35% -30% -25% -20% -40% -20% 0% 20% 医药生物 沪深300 -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 2026 年 2 月 27 日 分析师：谢雄雄 SAC 执业证书编号： S0340523110002 电话：0769-22110925 邮箱： xiexiongxiong@dgzq.com.cn 医药生物（申万）指数走势 资料来源：iFind，东莞证券研究所 相关报告 ◼ SW医药生物行业跑输同期沪深300指数。2026年2月13日-2026年2月26 日，SW医药生物行业下跌0.95%，跑输同期沪深300指数约1.1个百分点。 SW医药生物行业三级细分板块中，多数细分板块均录得正收益，其中其 他生物制品和医院板块涨幅居前，分别上涨2.42%和1.80%，医疗研发外 包和线下药店板块跌幅居前，分别下跌3.80%和0.65%。 ...

10% 医药生物 沪深300 -5% 0% 5% 10% 医药生物 沪深300 标配（维持） 医药生物行业双周报（2026/2/13-2026/2/26） 静待板块回暖 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 研 -35% -35% -30% -20% 0% 20% 医药生物 沪深300 -15% -10% -5% 0% 5% 10% 医药生物 沪深300 分析师：谢雄雄 SAC 执业证书编号： S0340523110002 电话：0769-22110925 邮箱： -40% 22-03 22-05 22-07 22-09 22-11 23-01 23-03 -30% -25% -20% xiexiongxiong@dgzq.com.cn -35% 资料来源：iFind，东莞证券研究所 相关报告 -30% -25% -20% -15% -10% 5% -25% -20% -15% -10% -5% 0% -35% 2026 年 2 月 27 日 医药生物（申万）指数走势 证 券 研 ...

Group 1 - CXO concept stocks have shown significant gains, with WuXi AppTec (02268) rising by 7.97% to HKD 63, WuXi Biologics (02269) increasing by 4.7% to HKD 40.08, WuXi PharmaTech (603259) (02359) up by 2.28% to HKD 19.7, and Kanglong Chemical (300759) (03759) also up by 2.28% to HKD 19.7 [1] - According to a report from Citi, investor focus is shifting from AI-enabled industries to AI replacing intermediaries, with a clearer positive impact expected on Contract Research, Development, and Manufacturing Organizations (CRDMO) compared to the mixed effects on Contract Research Organizations (CRO) due to internal AI adoption by pharmaceutical companies [1] - The report indicates that the recent decline in the sector is not driven by fundamentals but rather by position adjustments and capital flows, suggesting that the current pullback is a technical/short-term fluctuation rather than a deterioration in demand or execution [1] Group 2 - The report highlights that leading companies in the industry may experience overselling during this market window lacking catalysts, creating attractive entry points for investors with a 3 to 12-month investment horizon [1]

每经AI快讯，2月27日，港股CXO概念股涨幅居前，药明合联(02268.HK)涨7.97%，报63港元；药明生 物(02269.HK)涨4.7%，报40.08港元；药明康德(02359.HK)涨2.28%，报19.7港元；康龙化成(03759.HK) 涨2.28%，报19.7港元。 ...

Group 1 - The core viewpoint of the article highlights the recent performance of CXO concept stocks, with notable gains in companies such as WuXi AppTec (02268) up 7.97% to HKD 63, WuXi Biologics (02269) up 4.7% to HKD 40.08, WuXi PharmaTech (02359) up 2.28% to HKD 19.7, and Kanglong Chemical (03759) also up 2.28% to HKD 19.7 [1] - According to a report from Citi, the focus of investors is shifting from AI-enabled industries to AI replacing intermediaries, with a clearer positive impact expected on Contract Research, Development, and Manufacturing Organizations (CRDMO) compared to the mixed effects on Contract Research Organizations (CRO) due to the accelerated adoption of AI by pharmaceutical companies [1] - The report indicates that the recent decline in the sector is not driven by fundamentals but rather by position adjustments and capital flows, suggesting that the current pullback is a technical/short-term fluctuation rather than a deterioration in demand or execution [1] Group 2 - The report emphasizes that leading companies in the industry may experience overselling during this market window lacking catalysts, creating more attractive entry points for investors with a 3 to 12-month investment horizon [1]

交银国际研究 每日晨报 2026 年 2 月 27 日 今日焦点 | 药明合联 | | 2268 HK | | --- | --- | --- | | XDC 赛道融资/BD | 开年延续较高热情，公司有望 | 评级: 买入 | | 持续获益，维持买入 | | | | 收盘价: 港元 58.35 | 目标价: 港元 91.00 | 潜在涨幅: +55.9% | | 丁政宁 | Ethan.Ding@bocomgroup.com | | 全球 XDC 赛道投融资/BD 交易持续活跃：据我们统计，2026 年前两个月 全球 XDC 赛道共发生 25 项投融资事件，相比 2025 年同期的 18 项显著 增长；XDC 候选药物 BD 交易呈现类似趋势，交易数量保持稳定、合计 首付款总额大幅增长。2024 年年初以来，XDC 领域投融资事件数、BD 交易数和首付款总额呈逐步上升态势。投融资和 BD 交易持续活跃，将 进一步拉动 XDC CRDMO 行业下游需求改善，药明合联作为技术实力和 一体化交付能力布局的龙头企业，有望持续受益于这一重要趋势、并扩 大市场份额。 维持目标价和买入评级：我们基于公司 2025 年盈利 ...

| 序号 | 代码 | 名称 | 估算权可 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | 1 | 2269 | 药明生物 | 12.83% | 1.47% | 5.49亿 | | 2 | 6160 | 百济神州 | 10.76% | -2.20% | 6.38亿 | | 3 | 1801 | 信达生物 | 9.33% | -0.34% | 6.44Z | | 4 | 1093 | 石药集团 | 7.45% | -0.99% | 6.04Z | | 5 | 9926 | 康方生物 | 7.05% | 0.58% | 3.82亿 | | 6 | 1177 | 中国生物制药 | 6.06% | -0.16% | 2.447. | | 7 | 2359 | 药明康德 | 5.23% | -0.82% | 2.95亿 | | 8 | 3692 | 翰森制药 | 4.81% | -0.23% | 1.53亿 | | ਰੇ | 1530 | 三生制药 | 3.99% | 0.63% | 2.76亿 | | 10 | 2228 | 晶泰控股 | 3.37% | - ...

2025年以来，医药行业政策持续优化，集采边际影响减弱并转向质量导向。第十一批集采新增反内卷措 施，通过设置锚点价、复活机制等保障中选率与合理价差，同时提高质量与市场规模门槛。生物类似药 集采有望2026年启动，预计降幅温和。此外，多部门推出全链条支持政策，优化创新药审评审批、招采 准入与支付环节，医保基金向创新药倾斜，商保目录扩容补位，形成多元支付体系，为创新药快速放量 与产业高质量发展保驾护航。 成果已显：创新药企逐步进入收获期 国金证券发布研报称，2025年全球医药投融资触底复苏，前11个月总额达1921亿美元，海内外市场同步 改善，且呈现传统赛道稳健流入、ADC、双抗等新兴赛道加码的特征。2025年以来，AI制药技术热度 攀升、全球创新药景气度延续，再叠加国内生物医药投融资触底回升，行业市场关注度持续走高，基本 面复苏趋势愈发明确。展望2026年，建议把握优先布局行业龙头及聚焦海外业务占比高的标的两大 CXO行业核心主线。 国金证券主要观点如下： 研发能力突破，全球竞争力凸显 2025年全球医药投融资触底复苏，前11个月总额达1921亿美元，海内外市场同步改善，且呈现传统赛道 稳健流入、ADC、双抗等 ...

公司实际控制人冯宇霞、周志文在2024年因未及时披露持股变动被监管警示，且近期有减持行为。2026 年1月，减持计划尚未结束，后续变动可能对股权结构产生影响。 经济观察网 昭衍新药（603127.SH、06127.HK）近期发布业绩预告，预计2025年归属净利润同比大增， 但营收预计下滑。公司实际控制人减持计划仍在进行，实验猴价格上涨持续影响公司利润。公司新设施 陆续投用，外部政策环境变化带来长期不确定性。 业绩经营情况 公司已于2026年1月20日发布业绩预告，预计2025年归属净利润为2.33亿元至3.49亿元，同比增幅214% 至371%，但营业收入预计同比下降13.9%至22.1%。业绩变动主要受生物资产（如实验猴）公允价值上 升驱动，而实验室服务业务利润贡献下降。投资者可关注后续正式年报的披露细节，以评估业务实际表 现。 高管变动 昭衍新药在广州的实验设施已进入竣工验收阶段，苏州设施于2025年7月通过CMA认证。新基地投产后 可能提升服务能力，但需关注订单转化效率。 政策监管 美国《生物安全法案》（纳入2026财年国防授权法案）设有五年缓冲期，短期对中国CXO企业影响有 限，但长期地缘政治风险仍需 ...

Company Situation - The company completed a general authorization placement of 58.4408 million new H-shares in January 2026, raising approximately HKD 1.319 billion, with a placement price of HKD 22.82, reflecting an 8.5% discount to the previous closing price. The funds are intended for laboratory and production facility construction, debt repayment, and working capital supplementation, which may impact the equity structure and short-term liquidity [2] Performance and Operating Conditions - The company announced on January 13, 2026, that it expects total revenue for 2025 to be between RMB 13.872 billion and RMB 14.24 billion, representing a year-on-year growth of 13% to 16%. However, the net profit attributable to the parent company is expected to decline by 6% to 10% year-on-year, primarily due to a decrease in non-recurring gains and losses. The net profit excluding non-recurring items is projected to increase by 36% to 41%, indicating an enhancement in the profitability of the main business [3] Industry and Risk Analysis - The CXO industry is experiencing intensified competition, with domestic leaders such as WuXi AppTec and Kelun Pharmaceutical, as well as international companies like Lonza, accelerating their market presence. This competitive landscape may exert pressure on the company's market share and pricing strategies. The company needs to address these challenges through capacity release and strategic acquisitions, such as the acquisition of Wuxi Bai'ao in November 2025 [4]